Proper context can start the day with a solid win and make all the difference.

DAILY SCHEDULE First, watch the pre-open Tour recording HERE <<== Then, meet in the chaRTroom here by 9:15 ET for updates and Q&A

Through the prior close... (summary of last Market Wrap) It was a modest "Wreversal Wednesday," but still tracked its template of initially trending quite convincingly in one direction, and suddenly reversing equally convincingly in the opposite direction. A pre-open dip tested the next lower target at 2854.00-2855.00 after finally starting to trend two hours before the open (a "Too late to break" setup I described during the Market Tour). Its reaction was retraced by a post-open dip that got to 2851.50 and also reacted up. The post-open reaction isolated the test to the opening 15 minutes of volatility. and never looked back, also isolating tests of both bias-down parameters. Not isolating the test(s) of 2854.00-2855.00 would have extended down to "unfinished business" at 2339.25. Instead, the wreversal was ultimately attracted to unfinished business above at 2887.75. Which the afternoon chopped around, ranging sideways up to 2890.50. Overnight action's new info... (nearby chart is last session and Globex) *Jīng... Reversing down had room to 2880.50 or 2877.00 before suggesting a more substantial drop was underway. Overnight weakness got to 2875.25, but was already recovering to and through 2880.50 by midnight. Then for a second consecutive session, the otherwise passive Globex price action suddenly exploded at Europe's opens. Where Tuesday night had simply gotten very choppy, last night surged 31 points up to 2911.00 in reaction to favorable China trade headlines. Correcting down to 2898.00 was recovered to resume the rally, now attacking 2919.00. If, then... (notes to accompany the Tour recording) Wednesday's buyers gained no traction for their earlier efforts, so extending higher Thursday required already extending higher overnight, which is done. Gapping up is likely to extend higher post-open, despite the gap already indicated so far above than yesterday's highs. Extending higher has potential to 2825.25-2833.00, the recent kill zone where multiple rally efforts have gone to die, which is also the reward for Monday's Isolation setup. None of which precludes the gap up from producing this morning's highs around 2921.00 and then backing-and-filling to 2907.00 before resuming the rally. First Trade... (preliminary indications for the Bias parameters) Exiting the open at 9:45 above 2903.00 would be likely also to exceed the 2898.00 bias-up target at 10:15 to renew the bias-up signal.

Gap up extends sharply higher, momentarily. The most controversial thing about this morning's Market Tour was it pointing out that post-open action could extend sharply higher, regardless of the overnight rally already having covered a lot of ground. After touching 2920.00 pre-open, the 2916.50 open spiked almost straight up to attack 2924.00. Its pullback recovered to touch the 2925.25-2933.00 kill zone range's lower-end. A reaction down has touched 2915.00, and any lower would target 2907.00 or 2903.00.  But the rally is otherwise free to resume and to test 2933.00, or to break solidly higher through it.

THU afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2926.50 2926.25 ...would target 2932.50 2932.25 Bias-down: under 2917.50 2917.50 ...would target 2911.00 2911.00 Signal status: LATE NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

Still absorbing this morning's gyrations. This morning's wild fluctuations are still being absorbed. Despite the noon hour probing fresh highs up to 2928.50, this afternoon's 2926.25 bias-up signal ultimately held as resistance to trigger late no-bias. While it should define the window's upper-end, a dip has room down to the 2917.50 bias-down signal as support. This follows the morning's drop that ultimately did utilize its room for backing-and-filling down to 2907.00 -- overlapping it momentarily to 2905.25. But that required the artificial catalyst of a headline AFTER holding a likelier pullback limit around 2915.00. And that was correcting the post-open surge above overnight highs to touch the 2925.25-2933.00 kill zone.

I had warned not to underestimate the degree of post-open rally sponsorship just because so much ground was gained already overnight. We can't prevent headlines from appearing, and they deserve a reaction. But recovering all of a 20-point collapse during the same window should be taken seriously as lacking strong-handed sellers.

That strength might not be enough to extend higher after the no-bias environment lapses. Pullbacks would still be likely to recover. But extending higher wouldn't be surprising, even if only drifting with one session left before the three-day weekend.

Thursday wasn't required to gap up. Any likelihood of gapping up was a function of being likely to extend Wednesday morning's rally. Because rallying Thursday would require gapping up. And it did, in very big fashion after surging 31 points overnight from 2880.00, and extending pre-open up to 2920.00. Post-open highs quickly touched the lower-end of the 2925.25-2933.00 kill zone, which promptly killed the rally back down to 2915.00 and then 2905.00. All of which was recovered to fresh highs by noon, and probed to the afternoon's 2930.75 high. The balance of the session pulled back to 2921.25, fluctuating around the 2925.25-2933.00 range's lower-end through the close. The rally didn't gain any traction Thursday afternoon, but that's not necessary to extend higher Friday. Neither is gapping up, since the session was itself a probe of prior highs. So, extending higher Friday morning would be credible. But trending at all in either direction Friday afternoon would be unpredictable ahead of the three-day weekend. Details and other markets coverage are discussed in the post-market Wrap recording here. Monitor overnight Globex trading in the chaRTroom here.

FRI morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2930.25 2930.00 ...would target 2937.75 2937.50 Bias-down: under 2920.75 2920.75 ...would target 2914.75 2914.75 Signal status: BIAS-UP, BIAS-UP TARGET MET . BIAS VIDEOS... INTRO // EXAMPLE 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.